T.V. Today Netw. Q1 FY27 Results (NSE: TVTODAY)
Signal: Margin expansion
The read
The operating inflection is meaningful: EBITDA margin expanded to 10.8% from 2.1% YoY and 2.1% QoQ after three prior quarters of margin contraction, driven by stable employee costs and lower other expenses rather than revenue acceleration; however, PAT quality is weaker because ₹6.44 crore of other income represented 46.9% of PBT.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹206.22 Cr | +4.6% | -3.4% |
| EBIT | ₹14.22 Cr | +42.2% | |
| Net profit | ₹10.26 Cr | +39.6% | |
| EPS | ₹1.72 | +39.8% | |
| EBIT margin | 10.8% |
P&L walk
Revenue rose to ₹206.22 crore, up 4.6% YoY but down 3.4% QoQ, while EBITDA expanded to ₹22.23 crore and margin to 10.8% from 2.1% YoY as employee costs were broadly flat and other expenses declined; PAT of ₹10.26 crore also benefited from ₹6.44 crore of other income.
Segments
Television and other media operations drove the recovery, with segment result rising to ₹12.88 crore from ₹2.91 crore YoY, while radio remained small at ₹2.79 crore revenue and ₹0.21 crore result and is classified as discontinued for the proposed ₹10 crore sale.
Key positives
- EBITDA rose to ₹22.23 crore and margin expanded 870bps YoY to 10.8%, with employee costs up only 0.9% and other expenses down 3.5% while revenue grew 4.6%.
- Television and other media segment result increased to ₹12.88 crore from ₹2.91 crore YoY, indicating the margin recovery sits in the continuing core business.
- EPS of ₹1.72 rose 39.8% YoY in line with PAT growth, while paid-up capital remained unchanged at ₹29.83 crore.
Key concerns
- Revenue growth was only 4.6% YoY and revenue declined 3.4% QoQ, so the margin recovery is not yet accompanied by strong top-line momentum.
- Other income of ₹6.44 crore was 46.9% of PBT, making the ₹10.26 crore PAT less representative of recurring operating earnings.
- Production cost increased 12.4% YoY to ₹25.45 crore, faster than revenue growth, although the impact was offset by lower other expenses.
Earnings quality: includes non-operating other income
Research and educational content only. Not investment advice.